Bitcoin price rises above the $72,000 zone. BTC is up over 5% and could soon target a new all-time high above $73,500.
- Bitcoin started a new rise above the $70,000 zone.
- The price is trading above $70,500 and the 100 hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $69,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is rising and could rise above the $73,500 resistance zone or even reach a new all-time high.
Bitcoin price remains in rising trend
Bitcoin price remained strong above the $70,000 zone. BTC formed a base and started a new rise above the USD 71,200 resistance. The bulls were able to pump the price above the USD 72,000 resistance.
The price strengthened again and reached the $72,500 level. It is up over 5% and is trading above the $72,000 level. It reached a high at $73,574 and the price is now consolidating gains. It is just above the 23.6% Fib retracement level of the upward move from the $65,530 swing low to the $73,574 high.
Bitcoin price is now trading above $72,000 and the 100 hourly Simple Moving Average. On the upside, the price could encounter resistance near the USD 73,200 level.
The first major resistance is near the $73,550 level. A clear move above the USD 73,550 resistance could push the price higher. The next major resistance could be at USD 74,200. A close above the resistance at $74,200 could lead to more gains. In the said case, the price could rise and test the USD 75,000 resistance level. Any further gains could send the price towards the USD 75,800 resistance level. Any gains could require a $76,500 test.
Are dips limited in BTC?
If Bitcoin fails to rise above the USD 73,500 resistance zone, a downward correction could occur. The immediate downside support is near the $71,650 level.
The first major support is near the $69,500 level or the 50% Fib retracement level of the upward move from the $65,530 swing low to the $73,574 high. The next support is now near the $68,500 zone. Any further losses could send the price towards the USD 67,200 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 71,650, followed by USD 69,500.
Major resistance levels – $73,500 and $75,000.
